Banking News

The prospect of record low savings rates continuing is forcing many savers to review how they allocate their capital in an attempt to achieve the level of returns they have previously enjoyed. Investing in the stock market inevitably involves putting your capital at risk however there is a middle ground which continues to attract increasing interest – the structured deposit. With this in mind, we take a deeper look at this savings alternative to help understand why more and more savers are starting to see their appeal. more

With the current economic environment asking savers far more questions than it gives answers, it is good to know that there are alternatives available. We take a look at one such alternative that is proving particularly popular as savers face the harsh reality that the more traditional fixed rate savings products are failing to meet their needs. more

Millions of savers are facing the harsh realisty that there is little hope of change to interest and savings rates in the coming years. However, those with Cash ISAs do have one further option to consider – the ISA transfer. We take a closer look at why this is becoming a rising trend as well as what this could mean for those looking for the potential to improve the returns from their capital. more

With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Lloyds TSB ups Premier Banking fee

21 August 2006

High street bank Lloyds TSB has announced it will be increasing the monthly fee for its Premier Banking service to £25 for new customers from September 18th.

Existing subscribers to the service will have the fee raised from the current £15-a-month level to the new rate in January next year.

Analysts say the news is unlikely to be greeted with any fanfare by customers as the reasons behind the increases do not appear to justify the expense.

"Lloyds' announcement to increase the monthly charges on their Premier Banking account by almost 70 per cent is likely to get a frosty response from its most affluent customers," said Nick White, head of personal finance at financial comparison site uSwitch.com.

"Increasing the monthly fee on a packaged account from £15 to £25 seems excessive, particularly as the justification for the extra £120 per year is the addition of ID theft protection and home emergency cover."

Mr White also noted that Lloyds TSB has also raised the threshold for avoiding a monthly fee for the Premier Banking service to a £7,500 credit balance, 50 per cent higher than the previous level of £5,000.